Zacks: Insteel Industries, Inc. (IIIN) Given $44.00 Consensus Price Target by Brokerages
Shares of Insteel Industries, Inc. (NASDAQ:IIIN) have received a consensus broker rating score of 2.00 (Buy) from the two brokers that cover the company, Zacks Investment Research reports. One investment analyst has rated the stock with a hold rating and one has assigned a strong buy rating to the company. Insteel Industries’ rating score has declined by 100% in the last three months as a result of a number of analysts’ upgrades and downgrades.
Brokerages have set a one year consensus target price of $44.00 for the company, according to Zacks. Zacks has also assigned Insteel Industries an industry rank of 249 out of 265 based on the ratings given to its competitors.
A number of research analysts have commented on the stock. BidaskClub upgraded shares of Insteel Industries from a “sell” rating to a “hold” rating in a research report on Wednesday, August 2nd. Longbow Research cut shares of Insteel Industries from a “buy” rating to a “neutral” rating in a research report on Friday, August 25th.
Insteel Industries (NASDAQ IIIN) traded down 0.67% during midday trading on Wednesday, reaching $25.18. 139,090 shares of the company traded hands. The company has a market capitalization of $479.05 million, a price-to-earnings ratio of 16.90 and a beta of 2.13. The stock’s 50 day moving average is $25.27 and its 200 day moving average is $31.15. Insteel Industries has a one year low of $22.50 and a one year high of $42.81.
Insteel Industries (NASDAQ:IIIN) last posted its quarterly earnings data on Thursday, July 20th. The industrial products company reported $0.36 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.56 by ($0.20). The company had revenue of $96.90 million during the quarter, compared to the consensus estimate of $122.39 million. Insteel Industries had a return on equity of 13.30% and a net margin of 7.24%. The firm’s revenue for the quarter was down 16.2% on a year-over-year basis. During the same quarter last year, the company posted $0.71 earnings per share. On average, equities analysts anticipate that Insteel Industries will post $1.38 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 29th. Shareholders of record on Friday, September 15th will be given a dividend of $0.03 per share. This represents a $0.12 dividend on an annualized basis and a yield of 0.48%. The ex-dividend date of this dividend is Thursday, September 14th. Insteel Industries’s payout ratio is currently 8.05%.
Hedge funds and other institutional investors have recently modified their holdings of the business. Advisory Services Network LLC grew its position in Insteel Industries by 3.2% during the second quarter. Advisory Services Network LLC now owns 5,895 shares of the industrial products company’s stock valued at $194,000 after acquiring an additional 181 shares during the last quarter. Forward Management LLC grew its position in Insteel Industries by 27.7% during the second quarter. Forward Management LLC now owns 5,964 shares of the industrial products company’s stock valued at $197,000 after acquiring an additional 1,295 shares during the last quarter. UBS Asset Management Americas Inc. bought a new position in Insteel Industries during the second quarter valued at approximately $254,000. SG Americas Securities LLC bought a new position in Insteel Industries during the second quarter valued at approximately $256,000. Finally, BNP Paribas Arbitrage SA grew its position in Insteel Industries by 31.7% during the second quarter. BNP Paribas Arbitrage SA now owns 8,198 shares of the industrial products company’s stock valued at $270,000 after acquiring an additional 1,971 shares during the last quarter. Institutional investors and hedge funds own 81.29% of the company’s stock.
Insteel Industries Company Profile
Insteel Industries, Inc is a manufacturer of steel wire reinforcing products for concrete construction applications. The Company’s operations are focused on the manufacture and marketing of steel wire reinforcing products for concrete construction applications. Its concrete reinforcing products consist of two product lines: prestressed concrete strand (PC strand) and welded wire reinforcement (WWR).
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